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Tuesday's Gbp0.8645 high Keeps Topside in Check, Thus Far

EURGBP
MNI (London)
  • Reaction to the release of softer than forecast UK CPI data sees fresh pressure emerge on GBP, allows the cross to revisit Tuesday's high of Gbp0.8645. Level holds on this challenge but underlying tone remains buoyant.
  • Above exposes Gbp0.8655 (61.8% 0.8731-0.8533) with the Mar03 high Gbp0.8668 close behind.
  • Topside of the 1.0% 10-dma currently comes through at Gbp0.8673. As noted, this level not a resistance in itself but rate tends not to like being outside for too long.
  • UK flash PMI set due for release at 0930GMT, this forward looking data has become a key release. Svcs PMI median 51.0, Mfg 55.0.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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